Today’s car of the day is this Classic Land Rover Commercial 88.
The Land Rover Commercial 88 was inspired by the world war II jeep and created here in the UK. The Land Rover immediately distinguished itself from all other cars. From launch, it was the first mass-produced civilian four wheel drive car with doors on it, and an available hard roof.
Mr L was kind enough to take out this policy with us, which includes both the benefits of salvage retention and agreed value. We were able to offer a discount as Mr L keeps the vehicle garaged over night and agreed limited mileage.
Thank you Mr L for allowing us to share! If you have a classic vehicle that needs insurance, please call our team today on 02380 268351.
The car of the day today is the wonderful Lotus Elan + 2.
Mr B has a fantastic policy with agreed value, choice of repairer and also salvage retention through ourselves here at AIB.
The Elan +2 was introduced in 1967 with a longer wheelbase and 2 rear seats. 5,200 Elan +2were made. The Elan +2 ceased production in 1975. Because of its successful design and rigorous attention to cost control on the body, chassis, engine and transmission, the Elan went on to become Lotus’ first commercial success, reviving a company stretched thin by the more exotic and expensive to build Lotus Elite enabling funding of the Lotus success in racing over the next ten years.
Thank you for sending these lovely photos Mr B!
We specialise in classic car insurance so remember to call us on 02380 268351 for all your classic car needs.
We interviewed Kirby from AIB Insurance, a motorhome, campervan and RV specialist to talk about the latest happenings in the world of insurance:
Are you seeing anything interesting with Motorhome and Camper claims?
The last 24 months have been challenging times for insurers with motorhome, RV’s and camper thefts on the increase. Take North Wales for example – police recently revealed that 30 vehicles worth over a million pounds had been stolen over the past 16 months. They believe thieves in that area were mainly targeting Fiat Ducato and Peugeot Boxer motorhomes using technology widely available on the Internet to override the manufacturer’s security measures that included the electronic immobiliser.
On a national basis though, Ford continues to be the vehicle of choice for most thieves. Our insurance partner Ageas Insurance tells me Ford manufactured motorhomes make up less than 6% of their motorhome book but the theft rate is ridiculously high. There is no pattern as to where the motorhomes are kept, how long they have been owned or the level of security measures as they’ve seen a variety of scenarios. They have had over £350,000 worth of Fords stolen last year alone which is why they took the decision to work out what model ranges/years of manufacture were affected and decline them.
According to the Association of British Insurers (ABI), motor theft claims have increased by 20% in 2019 and motor theft claims paid by insurers in the first quarter of this year were at their highest for any quarter since 2012 with a payment made relating to vehicle crime every eight minutes. The ABI claims that the increase is in part being driven by keyless car crime whereby hi-tech criminals are able to bypass keyless technology in as little as 20 seconds. This would certainly seem to be the case with a large number of motorhome thefts as an increasing number are being stolen when they are parked on driveways.
Has this seen the cost of insurance increase?
Historically, motorhomes have been rated on three main factors: year, engine size and value (ignoring left hand drives, imports and modified vehicles etc.). Over the last 12 months, three major motorhome insurers, Aviva, Ageas and Markerstudy have taken the unusual steps to load the premium further or even decline specific years of manufacturer, especially Ford.
Generally, motorhome and campervan insurance rates have remained stagnant apart from specific manufacturers. DIY conversions tend to cost more to insure than a coach built one.
So how can owners prevent a vehicle being stolen?
If your motorhome is stolen, having the right insurance policy in place will mean that you can at least have the peace of mind of knowing that you’ll be compensated financially for your loss. However, an insurance payout can never compensate you for the inconvenience and disruption that vehicle theft causes.
The good news is that most theft is opportunistic and thieves generally don’t like to work too hard. So, if they see a motorhome fitted with wheel locks, steering or handbrake locks or wheel clamps, it may be enough to put them off. Of course, you can go further by installing an alarm, immobiliser, a tracking device or even installing PIR lights trained on your parking space that illuminate when they sense movement.
What should people look out for when insuring a motorhome, RV or campervan?
It is vital, that you take out appropriate motorhome insurance and select a policy that will cover all your needs.
Motorhome insurance is not like car insurance, it requires specialist knowledge and as such, you should speak to a specialist motorhome insurance provider. Most specialists will provide additional European cover, additional contents cover and cover for gas cylinders, generators and awnings.
We would encourage you to purchase legal expenses as, if you find yourself in a dispute, legal fees can be expensive. Likewise, breakdown cover can be challenging as non-specialist providers may place a height, length or weight restriction on the vehicle they cover.
Another thing to mention when buying cover, is the level of windscreen glass cover that the specific policy your purchasing provides. Many insurers restrict the windscreen cover to £500-£1000 but an owner of an A-Class could be left short and should seek insurers that provide unlimited glass cover.
The motorhome market continues to grow especially relating to the sale of higher value models that cost over £100,000 and that represents a different risk for insurers if they go missing.
What is happening in the classic car world – are vehicles still going up in value?
The classic vehicle market is renowned for its stability and consistency and the VW campervan is a prime example of that. Over the past 10 years, classic vehicle values have been consistently going up, outperforming just about everything I can think of apart from vintage wine. I’d argue that classic vehicles are a better investment here too as it’s possible to use them without instantly destroying their value!
That said, at the top end of the market such as Ferrari, Lamborghini and the like, it looks as though we’re finally seeing the pace slowing and interest levels cooling.
One element of this could be uncertainty. When it comes to high value classics, it’s a global market. Investors may simply be less prepared to spend big at a time of trade wars and uncertain future trading arrangements.
The classic vehicle market is forever evolving as new cars become classics as each year passes.
What’s your favourite classic within the motorhome and campervan arena?
I love the 1967 BMC Princess – it looks bonkers. Whilst it looks like a DIY conversion, it was actually coach-built on a Vanden Plas Princess chassis but was unusually modern for it’s time enjoying power steering and an automatic transmission. Another favourite would be the VW T25 hightop campervan. Again, it looks so cool and I can imagine myself sitting in it with a hot cup of tea on a cold day looking out over the ocean.
If you are a classic car enthusiast who has an interest in American motors and are considering buying one then you have a number of options. By far the easiest one is to purchase such a vehicle that is already located in the UK but if there is a car that has really taken your fancy but is situated over in the USA then you can arrange to buy it and have it imported to this country.
We have a number of clients who are the proud owners of such vehicles. In this respect, we thought it would be of interest to you if we asked our clients how they imported their vehicles from the USA and if they had any tips/advice.
Here is what one of our clients, Mr B, kindly had to say having recently imported this beautiful example of a 1965 Ford Mustang: –
You’ve imported a few American classic’s, what the secret to making it painless?
Personally I’ve always tried to keep it simple. You can do it all yourself independently. You can book the cheapest container, book your own shipping, get someone else to load it but your giving yourself 8 extra jobs and if something goes wrong the whole pack of cards falls down.
I generally try to use one really competent shipper and give them the zip code, contact details and address and they do the rest. They also need to know the length, weight and description.
The other key thing is to remember where you are shipping the vehicle from in the US too because the cost to ship from inland American can be as much as shipping the vehicle from the US to the UK. Generally I buy one not too far from the shipping port so stick to New York, Seattle, San Francisco and Houston but obviously if I stumble across a real bargain I need to factor in the extra transport costs. “
Do you mind sharing with us the approximate cost of the car to purchase in the States and the variety of prices?
From $2000 (wreck) to $250000 (fully restored Shelby GT500)
Who did you imported it through?
Schumacher Cargo Logistics who will do a door to door service or just to any UK port if you are able to pick-up.
Where did you purchased the vehicle from?
Mark is an ebay seller and mainly deals with Mustangs at Ford Chevy Classics. He sent me lots of photos and a video of the car in action prior to the purchase. Another eBay seller with nice cars Oldman Classic Mustangs in Texas.
What do you think the car would sell for in the UK?
How much was the import tax and any other associated costs?
Special one off 5% vat for old classic collectors’ cars if for personal use. Typically the total shipping costs and taxes vary but were £3k for this vehicle.
Your dream American muscle car to purchase?
I already have a GT40 but always fancied a 57 Chevy Bel Air 2 door.”
Some of the things you will need to consider in respect of the above include: –
Obviously, the greater the distance that the car needs to be transported the more it will cost to move it. So, you may wish to concentrate your search for a vehicle around the east coast of the USA rather than over towards the west coast.
How it is transported will have a bearing on the overall cost i.e. whether it is by air or sea and whether it is transported in a container enabling the carrying of any spare parts or on a roll on and roll off (Ro-Ro) basis.
You can arrange everything to do with the transportation yourself or you can leave it to an established transportation company with the later being the most expensive.
You will wish to make sure that classic car shipping insurance is in place in case the vehicle is damaged whilst being transported.
Once the car is in the UK, you have 14 days in which to let HM Revenue and Customs (HMRC) know.
HMRC will advise you how much VAT and duty is payable. It is worth noting that importing a classic car that is less than 30 years old from the USA incurs VAT at 20% whereas if the car is over 30 years of age VAT is reduced to 5%.
You will need to obtain vehicle approval to show that the car meets environmental and safety standards.
The car will need to be modified to be used on UK roads and have an MOT.
You will need to insure the car here in the UK.
In respect of the last point, here at AIB Insurance, we have many years experience when it comes to insuring American classic cars. Once the car is in the UK we can insure it on a chassis number. No road cover is provided (although some insurers will let you drive to and from the MOT test centre if pre arranged and disclosed to them) whilst you contact the DVLA to register the vehicle.
Many thanks to Mr B and we hope that he enjoys his American car import for many years to come. If any of our other clients wish to share their experiences about importing a classic American car please feel free to get in touch with us.
If you are in the financial position to rent or buy a Ferrari, Porsche, Lamborghini, Aston Martin or another make of high performance car, you will need to decide which is the best option and you will also need a super car insurance quote. As with most things, there are for and against both options so let’s have a look at some of them. As a result, you may be better able to decide the best way forward.
Renting – For
Depreciation – as you will never own the vehicle you are not going to be bothered if the value of the super car you are driving drops in value.
Servicing/Mechanical Repairs – you are unlikely to be responsible for paying for the regular servicing of the vehicle or if it breaks down and needs a mechanical repair. The only thing that you may need to pay for are replacement tyres should one or more be punctured.
Poor Credit Rating – you will need to check with the rental company but you may find that you only need to put down a deposit and that no credit reference search will be required which means that it would not matter if you have a poor credit score.
Change the Car – if you decide say a couple of months into renting the Ferrari that you fancy driving around in say a Lamborghini, Aston Martin or Porsche then, subject to the terms of the rental agreement, you may be able to change it without any financial penalty enabling you to try out different super cars.
Possibly Less Expensive – when you take into account things like car loan repayments, servicing, possible depreciation and repair costs that you would have if you bought the car then you may discover that the monthly rental cost is lower than the overall monthly cost involved in buying the vehicle.
Selling the Car – this is something you will not have to worry about as you can just return it to the car rental company when no longer required.
Renting – Against
Repairs to Bodywork and Alloys – if you have a dent or scratch on the bodywork or alloy wheels then, depending upon the size of it, you will be responsible for the cost of having it repaired/possibly claiming on your high performance car insurance policy with these repairs either having to be done before you return the vehicle at the end of the rental period or completed once the vehicle has been returned to the rental company and then charged to you.
Ownership – you will never own the vehicle. So, as a limited number of supercars may actually go up in value due to them being so rare, you will not benefit financially if that were to happen.
Buying – For
Value – whilst most cars reduce in value as soon as they leave the forecourt, there are certain rare super cars that may actually increase in value meaning that when you come to sell the vehicle you may get more for it than you paid for it.
Self-esteem – let’s be honest, most car lovers would want to own the likes of an Aston Martin, Ferrari, Lamborghini or Porsche and to do so must make them feel very good about themselves.
Buying outright – if you are able to pay cash for the super car then you will not have to worry about monthly rental payments or finance repayments.
Buying – Against
Maintenance – you will be responsible for having the car serviced and for having any mechanical repairs undertaken. You may initially have a period of time/miles where your warranty covers you for such things but at some point, that will no doubt come to an end and you will have to meet the maintenance costs.
Adverse credit score- if you have a bad credit file then you may find it difficult to arrange finance towards buying the car or the lender may charge you a very high interest rate.
Sale of super car – if you wish to change the vehicle for another one then you will be responsible for selling your existing vehicle or putting your car in part-exchange and may not achieve the sale price you would have hoped for.
As you can see, there are pros and cons of renting and buying a super car. Ultimately, the decision is yours but we hope that we have provided you with food for thought.
Here at AIB Insurance, we have many years experience in arranging high performance car insurance. We have a bespoke, vetted panel of quality insurers who will provide a competitive quote to insure your super car without any obligation. So, if you are looking for outstanding Lamborghini car insurance, wish to buy Ferrari car insurance, need an Aston Martin insurance quote or want to buy Porsche insurance then why not give us a call on 02380 268 351 and we will be pleased to assist.
There are a couple of interesting auctions coming up in the next few weeks at which you could have the opportunity to buy classic vehicles once owned by “A” rated film stars. Presumably, these vehicles will no doubt carry a premium in view of their previous ownership.
Many of you will have heard of the late Marilyn Monroe. Well, John Juilien’s Icons and Idols: Hollywood auction is taking place on the 16th and 17th November 2018 in Los Angeles, USA as well as online and a 1956 Ford Thunderbird once owned by this well-known star is being offered for sale with an estimated sale price of between $300,000 to $500,000.
She owned the classic car between 1955 to 1962 and at her wedding to Arthur Miller, a renowned playwright, on the 28th June 1956, they drove the car to the ceremony. The car had a V8 225 bhp engine capable of reaching 113 mph that was very fast for a car way back in the 1950’s. This particular car was rather unusual in so much as it has both a soft top plus it also can have a hard top fitted. Its bodywork is black and it has a black and white interior. It is said to be in immaculate condition and has a low mileage.
If making the long journey to America doesn’t appeal then you may be attracted to a classic vehicle that is shortly to be auctioned here in this country. At the NEC Classic Motor Show Sale that takes place at the NEC near Birmingham on the 10th and 11th November 2018 there is a left hand drive 1945 Willys Jeep MB available to buy that was owned by a very famous actor – the late Steve McQueen. He appeared in many films including the Bullitt. This classic jeep was originally built for and owned by the US army but was later bought by the actor.
His estate sold the vehicle in 1984 for $6,000. It was estimated that its sale price was in the region of ten times greater than such a jeep would normally have sold for so it just goes to show the effect that Steve McQueen’s name had on the price. It has been renovated and now has an estimated price of between £80,000 to £100,000.
If your existing classic vehicle insurance is shortly coming up for renewal or you are looking for cover for the first time then why not give AIB Insurance a call on 02380 268 351 and discuss your requirements with a member of staff. He or she will be pleased to obtain a competitive quotation from our extensive panel of insurers for your consideration without any obligation. We look forward to being of assistance.
Those of you with an interest in classic motorcycles may want to consider getting along to the National Motorcycle Museum by Junction 6 of the M42 on the outskirts of Birmingham on the 9th November 2018 where an auction is to take place run by H&H Classics. There are numerous motorcycles being offered for sale including the prized collection of the late Father Robert Edward Hampson who sadly passed away from cancer back in May.
Father Hampson had an interest in motorcycles from a very young age and had built up a collection of 12 classic bikes that are being sold at the above auction. It is estimated that these classic vehicles could fetch in the region of £140,000. Not only was he a keen collector but he also enjoyed getting in the saddle and taking them for a ride.
The classic motorcycle that may well attract the most attention is a restored 1951 Vincent Black Shadow with a 998cc engine that has an estimated price of between £40,000 to £50,000. Apparently, this particular bike was renowned as a high performance vehicle so some may feel it a little unusual that the likes of a vicar would own one.
The other motorcycles in the late vicar’s collection are: –
1921 Royal Enfield Model 180 986cc with an estimated sale price of £11,000 to £13,000.
1921 Sunbeam Model 7 500cc with an estimated sale price of £7,000 to £8,000.
1922 Sunbeam Model 1 350cc Sports with an estimated sale price of between £5,000 to £6,000.
1929 BSA Sloper 500cc side-valve with an estimated sale price of £5,000 to £6,000.
1929 Sunbeam Model 9/90 500cc with an estimated sale price of £7,000 to £8,000.
1932 Raleigh MH32 500cc OHV with an estimated sale price of £3,000 to £4,000.
1931 Sunbeam Model 9 Sports 500cc with an estimated sale price of £7,000 to £9,000.
1932 Sunbeam Lion 600cc that has no reserve
1932 Sunbeam Lion 500cc that has no reserve
1938 Sunbeam Model A26 with an estimated sale price of £8,000 to £9,000.
1947 Harley Davidson WLA 745cc Vee Twin with an estimated sale price of £9,000 to £11,000.
If you are an avid collector of classic motorcycles then why not give us a call on 02380 268 351 and we will be happy to discuss your requirements and provide a competitive quotation to insure your cherished vehicle with one of our panel of reputable insurers.
Classic car enthusiasts may be interested to read that a 1961 Aston Martin ‘MP209’ DB4GT Zagato Grand Touring Two-Seat Coupe was sold at auction for a record price for a car built in the UK. The car was auctioned by Bonhams at The Goodwood Festival of Speed Sale in July for £10,081,500 including the premium. It is believed to have been bought by a European bidder having been in the same family ownership since way back in 1971 that in itself is most unusual.
The classic sports car came with a racing history as it had been driven by none other than Jim Clark in 1961 and 1962 who has been Formula One World Champion on two occasions. It needed someone of his talents at the wheel as this was a development prototype. He raced it at Goodwood in the RAC Tourist Trophy plus also in Montlhery in the Paris 1,000 Kilometres. It was also raced by a number of other drivers on several occasions.
Only 19 Aston Martin DB4GT Zagatos were built with only 3 of these specific “MP209” models making this car extremely rare. It had a 3.8 litre twin-overhead camshaft straight six cylinder engine and was a real competitor for the Ferrari 250 GT. Its number plate “2 VEV” became so well known around the world.
This wonderful classic sports car won the Volz Trophy in 1996 at the Aston Martin Owners Club (AMOC) Summer Concours. In 1997, it won the award for the most significant British car of the show at the Pebble Beach Concours.
If you are the proud owner of a classic Aston Martin or any other classic vehicle for that matter then why not get in touch with us on 02380 268 351 and speak with a knowledgeable member of our team who will be happy to discuss your insurance requirements and provide a competitive quotation without any obligation.
Those of our customers who are classic car enthusiasts will no doubt be aware that classic Ferraris are highly desirable vehicles with many commanding high prices as and when they are offered for sale. The Ferrari 250 GTO is reputably the most sought after of them all with, it would be fair to say, a value far exceeding what most people can afford to spend. For instance, back in 2013, it is believed that one was sold privately for around £40 million.
Well, it is believed that that figure has recently been exceeded with a 1963 Ferrari 250 GTO fetching in the region of £52 million. This would make it currently the world’s most expensive classic car. Apparently, when originally sold brand new, this make and model of car could be bought for around $18,500. We are sure that you will agree this is a significant increase in value over the years and has probably provided a greater investment return than any other asset.
Who has paid that sort of money for such a wonderful vehicle? Well, it is believed that a businessman called David MacNeil from the USA is now the proud owner of this classic sports car. He owns a business that sells car mats and, by the sounds of things, appears to have made a considerable amount of money doing so.
Only thirty-nine Ferrari 250 GTOs were built between 1962 to 1964. So, it is an extremely rare classic vehicle with this no doubt having a considerable bearing upon its value. These models were capable of rocketing to a top speed of around 174 mph.
This particular Ferrari 250 GTO actually won the 1964 Tour De France so this will no doubt have had an impact upon its value. It has also taken part in many other motor racing events.
The premium to insure such a classic car would no doubt be considerable and there are possibly not too many insurance companies that would be prepared to take on the insurance risk. In this respect, if you are the proud owner of any make and model of classic or vintage vehicle and require a quotation for classic car insurance then why not get in touch with us on 02380 268 351 and one of our experienced members of staff will discuss your requirements with a view to doing all that can be done to obtain a competitive quotation from our panel of insurers.
AIB Launch Classic Car Offering
AIB is proud to announce the launch of our non-standard per...
Airsports Insurance Bureau (AIB) is a trading style of Airsports Insurance Bureau Limited. Registered in England No. 2854801. Airsports Insurance Bureau Limited are Authorised and Regulated by the Financial Conduct Authority, firm reference 312153